Research proves that central to any company’s market dominance is something labeled a “SMaC Recipe” – a “set of durable operating practices that create a replicable and consistent success formula.” Indeed, the word “SMaC” stands for specific, methodical, and consistent. Now design firm owners in our industry may very well be specific in developing their floor plans and contractual documents for clients. But, as a group, they are mostly underdeveloped, reactive, undisciplined, and inconsistent in their business practices.
We could post a list of the "Top Books to Read to Improve Your Business" and scour the web to find ones that we think are great relating to business management, sales, marketing and more.
So, you have completed your company’s budget for 2019 – congratulations! The budget gives you a spending plan in support of your revenue goal. And you have also inputted the data into your accounting software package so you can pull an Actual vs. Budget Report every 30 days. This report is a great management tool to keep your business on track to achieve all your financial goals. The most effective businesspeople manage their operations based upon projections and results measured in numbers … not based upon intuition and hope.
In his book Give and Take, Wharton business professor Adam Grant shares some extraordinary truths about how and why people succeed. He writes: "For many years, psychologists believed in any domain, success depended upon talent first and motivation second. Today, we have compelling evidence that interest precedes the development of talent. It turns out that motivation is the reason that people develop talent in the first place."
Having reviewed literally hundreds of dealer financial statements, SEN can say with a high degree of certainty that most practitioners are undervaluing their jobs by at least 15%. On a $2,000,000 operation, that's $300,000 being left on the table. Imagine what that kind of extra cash can do to solidify a firm's financial underpinnings or achieve its growth objectives!